The present invention relates to a paint formulation with improved freeze-thaw stability. Binder composites comprising TiO2 particles encapsulated with polymer, as described for example in U.S. Pat. No. 8,283,404 and WO 2012/116025, have been shown to improve hiding in paint formulations, sometimes dramatically so. Unfortunately, paints formulated with these composites often exhibit poor freeze-thaw stability. It would therefore be an advance in the art of paint formulations to provide a formulation with excellent hiding coupled with freeze-thaw stability.